Saturday, January 18, 2014

There's plenty of news about Bitcoin. Is it a fad or getting a foothold?



Yesterday, the Sacremento Kings announced that it will be the first professional sports team to accept Bitcoins for payment for tickets and team merchandise. A day earlier snapCard launched a "pay-the-IRS' service for its customers. Big news for digital currency believers.

With all the hype in recent months people are asking two questions: what is Bitcoin and is it a fad that will fizzle out?

The answer to the first question is easy. Bitcoin is an innovative payment network and a new kind of money that uses peer-to-peer technology to operate with no central authority or banks. It offers an exciting new way to do business while providing significant advantages to merchants,including lower transaction fees than credit cards. 
   
The answer to the question will it last is more difficult. The value of Bitcoins has been up and down in recent months and some governments are looking at it with a wary eye. This has made some observers and money "experts" doubt it's staying power. 

At LoyaltyMatch we believe digital currencies held in digital wallets are here to stay. When we look into our crystal ball we see a world where we are paying with Bitcoins for tickets to cheer on our teams and enjoy our favorite music acts. We'll be using them to book flights and pay for hotels or maybe just shopping online at home. We don't believe that Bitcoins will replace government issued currencies entirely. But, we do see in the future that businesses that do not not accept them will lose customers. Our recommendation -- get on board, be a believer and prepare for a future that includes Bitcoins.

More information is available at www.bitcoin-loyalty.com